LocalBitcoins.com | Review of Bitcoin Transactions on LocalBitcoins

Sometimes trading on Bitcoins can be difficult and expensive that you could ever imagine as compared to other methods like bank transfers and others. But with LocalBitcoins, the burden tends to reduce even far better. This is because it’s a peer-to-peer exchange where you can be able to trade Bitcoins with other people. If you want to learn the tactics about bitcoin transactions on LocalBitcoins, this site has offered you the chance to boost your experience on the service.

Being based in Helsinki, Finland, LocalBitcoins also has exchangers across more than 248 countries and 16206 cities around the world making it eligible for you to trade bitcoins in over 100 countries. This cryptocurrency service is quite an effective option with quite an interesting exchange rate with a low-cost money transfer as long as both parties are willing to do business. Continue reading below for an update prior to Bitcoin transactions on LocalBitcoins

What Procedures are involved with Bitcoin Transactions on LocalBitcoins?

For you to get started with Bitcoin transactions on LocalBitcoins, you’ll first need to sign up for a free online account where your username, email address, and password are been needed. Once it’s been approved, you’ll then begin to start trading Bitcoins with other users in your area.

Bitcoin exchange rates are not determined by LocalBitcoins giving the fact users now desires to accumulate profits. Although, there’s also an exchange rate that matches the mid-market rate making the exchange rates to vary. The mid-market rate is what your money’s actually worth on the global market compared to another currency. It’s the midpoint between worldwide supply and demand for that currency and the rate banks and transfer services use when they trade among themselves. You can use the mid-market rate as a baseline to compare the rates provided by your bank or transfer service. With it, you’ll discover which companies offer the best rates. There are still other better exchange rates you’ll find once you start trading bitcoins in person.

If you want to send money with LocalBitcoins to other Bitcoin platforms, the fees can be quite high compared to when you send to the same LocalBitcoins platform. The fact still remains that once you’re responding to an ad prior to making purchases on Bitcoins, you won’t be able to pay a fee or sell Bitcoins. But if you’re posting an ad, you’ll be charged a 1% rate on Bitcoins traded. Another thing is that each transaction is made are usually completed within 10 to 60 minutes.

There are many payment methods for you to buy and sell Bitcoins, they include; Cash, Wire transfer, Credit card, Amazon gift card, Google Wallet, PayPal, Square Cash, Venmo, Western Union, and Xoom. You can decide to use any of the methods with your seller or buyer depending on both parties’ preference and agreement.

Steps to Transfer Money on LocalBitcoins

There are about four steps involved in this process, and they’re drafted for you below:

The first thing you need to do is to find a listing that sells Bitcoins from the listings been provided on the website’s homepage with ads. What you need to do is to click on any to see the amount a trader is selling his/her Bitcoins. You’re also free to post your own ad.

After that, you can then transfer the funds to LocalBitcoins and not the seller anymore. At that same time, your trade partner will then send Bitcoins to the platform. When both parties have sent the funds, LocalBitcoins will, therefore, release the Bitcoins to you and transferring the amount to your trade partner.

Once you’ve purchased Bitcoins, you’ll then have to send Bitcoins to your recipient’s wallet from your LocalBitcoins.

Finally, your recipient can now sell the Bitcoins on LocalBitcoins for any fiat currency of his/her choice.

The Pros and Cons of LocalBitcoins

The Pros and Cons of this cryptocurrency service have been highlighted for you below.

Pros

It supports more than 200 countries.

Your transfers are been done very quick and easy.

Recipients can be able to receive fiat currency through many payment methods.

It is quite cheaper compared to other Bitcoin and money transfer platforms.

It offers online trades.

Offers quick responses via online supports.

Cons

Most of its exchange rates can vary widely.

In-person trades can be complicating.

Buyers and sellers normally set limits.

There’s no phone support from the customer service.

Most of the transaction methods are quite a high risk because you handle them all by yourself.

Related

About The Author

Christian Nnaemeka is an Educationist, an Entrepreneur, and a Writer. His writings are practically based on the solid foundation of his creative mind with a clear focus to improve more and equally develop his social environment.